Deutsche Bank Shows Interest in Ferrari Stake

Deutsche Bank could be interested taking part in the sale of a 12.5 percent stake in sportscar manufacturer Ferrari by investment bank Mediobanca, the bank's chairman told an Italian daily on Sunday.

"We would have been pleased to accompany Ferrari to the stock market," Chairman Joseph Ackermann told Il Corriere della Sera, "but if Mediobanca is taking 34 percent (of Ferrari) at a good price, we are ready to help with the placing of the stake."

Mediobanca on Thursday reached an agreement with struggling carmaker Fiat to buy a 34 percent stake in its Ferrari unit for 775 million euros. As part of the deal, Mediobanca said it would sell 12.5 percent of the stake to unnamed "foreign and Italian banks."

Deutsche Bank, along with other Italian banks, had planned to stage a Ferrari IPO later this year, but the deal with Mediobanca means that the Milan bank will probably have the prestige of handling the listing, now more likely in 2003.

Deutsche Bank had been global coordinator of the original deal.

In addition to Deutsche Bank, others interested in purchasing part of the 12.5 percent stake could include Commerzbank, which has small cross-shareholdings with Mediobanca.

Financial sources said the German bank would hold talks with Mediobanca over the weekend and any decision could be announced on Monday. Il Corriere della Sera reported that the syndicate would be closed on Sunday evening.

A Mediobanca spokesman said last week the Milan bank would be able to take on the entire cost without problems, if necessary, saying Mediobanca was not saddled with high debt exposure.

Italian banks IntesaBCI and Unicredito - both of which had been scheduled to take part in the original IPO - as well as Banca di Roma and Sanpaolo have declined to take part in the pacing of the Ferrari stake.

Intesa, Banca di Roma and Sanpaolo put together an emergency credit package worth three billion euros for Fiat last month, in return for promises to cut debts and generate cashflow.

Mediobanca's 2.4 billion euro valuation of Ferrari has raised eyebrows. Analysts said it could be worth half that based on multiples of German rival Porsche.